Vinh Phuc Sustainably Attracts FDI Flows

10:36:29 AM | 12/16/2019

Attracting foreign direct investment (FDI) is the top priority of Vinh Phuc province to create resources for socioeconomic development. The province always provides the most favorable conditions for investors to study the local investment environment and carry out production and business projects. However, the province’s investment attraction policies and strategies are clear. It resolutely rejects industrial projects that may cause environmental pollution.

Determined that economic development is coupled with environmental protection, Vinh Phuc gives priority to projects using advanced environment-friendly technology and making great contributions to local socioeconomic development; projects capable of joining in global value chains; projects engaged in electronics, telecom, mechanical engineering, construction materials, new materials and supporting industries for automobile, motorbike and electronics manufacturing and assembly; industrial parks infrastructure development projects; international tourism projects, international universities, and service investment projects involved in finance, banking, insurance, health and education. The province is willing to turn down projects that may cause environmental pollution, although they may help increase budget revenue. The most obvious evidence is that the province has recently submitted the fourth request to the Prime Minister, asking for not accepting the US$350 million textile and dyeing project registered by TAL Group (Hong Kong, China) in Ba Thien II Industrial Park owing to concerns about the risk of environmental pollution although the province had previously approved this project.

Never exchanging the environment for economic benefits, in recent years, Vinh Phuc has carried out many solutions to reduce environmental pollution in many fields and economic sectors to achieve green growth and sustainability. In 2019, the province has adopted many consistent and practical solutions to reduce the intensity of greenhouse gas emissions and limit environmental pollution; and built transport infrastructure according to the Vinh Phuc Transport Development Plan to 2020 and further to 2030. Newly built roads have trees planted along roads, pavements and separator strips.

At the same time, when preparing and executing transport projects, authorities gave priority to technology, used unbaked materials, applied renewable energy and energy-saving technology like solar batteries, led lights and traffic signs. Road management and maintenance has been applied with advanced technology. In addition, the province kept promoting public transport development by increasing buses and extending some routes to meet public traveling demands; piloted buses and taxis running on CNG and LPG. Water supply and drainage infrastructure was invested by the province to ensure safe water supply system and prevent clean water loss. To develop green industries, operational industrial parks have their own wastewater drainage systems and two out of seven industrial complexes have built wastewater treatment facilities. The province has concentrated on seeking finance, technology and assistance from international organizations to foster green growth, planning environmental pollution treatment, and encouraging the consumption of environmentally friendly products among organizations and businesses. These are important solutions to local socioeconomic development in a sustainable manner.

In the coming time, Vinh Phuc will complete building industrial park infrastructure; attract investment capital into industrial parks; give priority to investment projects using advanced technologies, generating investment value, efficiently using land and labor, and strictly avoid projects prone to high environmental risks to achieve sustainable development and green growth.